Martin Shenkman

Paramus

Contributor at Freelance

Attorney specializing in estate and tax planning. Founder of http://t.co/rkQvGV3AsF and http://t.co/aojNCLkWwI

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Articles

Portability: Should You File An Estate Tax Return?

1 month ago | forbes.com | Martin Shenkman

Introduction When the first of two spouses dies the survivor can safeguard the estate tax exemption that the deceased spouse’s estate did not use. The unused exemption is called the Deceased Spouse Unused Exemption or “DSUE.” The concept of passing on that exemption is called “portability.” The whole point of this is to “simplify” the estate tax system.
Protecting the Child Who Won’t Sign a Prenuptial Agreement

1 month ago | wealthmanagement.com | Martin Shenkman |Joy Matak

The benefits of having a prenuptial agreement and some alternatives for those clients who resist. Practitioners routinely recommend prenuptial agreements (prenups) when the children of wealthy clients decide to get married. Clients with meaningful wealth usually agree that their children should have prenups to protect their inheritance and any wealth their children might have accumulated.
Self-Settled Asset Protection Trust Upheld By Delaware Court

1 month ago | forbes.com | Delaware Court |Martin Shenkman

Case May Provide A Roadmap to Better PlanningA Delaware court (by the Magistrate in Chancery) recently upheld the validity of a domestic asset protection trust (DAPT). In the Matter of the CES 2007 Trust, C.A. No. 2023-0925-SEM. The claimant sought to pierce the trust to reach assets held in limited liability companies (LLCs) and the Court refused. The Court found that the trust met the requirements of Delaware law to qualify as an asset protection trust and should be respected.
$15 Million estate tax exemption proposed. What should you do?

1 month ago | forbes.com | Martin Shenkman

he Joint Committee on Taxation has just released the attached description of the tax provisions contained in the reconciliation legislation and it provides for a $15 million permanent estate tax exemption. Lots of implications to this, if it is enacted: No need to rush planning to use an exemption that was supposed to be cut in half in 2026. It may not be, but, consider that this still has to be enacted.
Create An “Emergency - 911” Envelope

1 month ago | forbes.com | Martin Shenkman

IntroductionSometimes the most important estate planning steps are simple, little or no-cost, common sense things that are just overlooked. Here’s one: the emergency envelope. You should have an emergency envelope with key documents in it for you and each person in your household. You might even go a step further and make several of these.
Recent Case Evaluates Whether Mom’s Transfer To Son Was A Loan Or Gift

1 month ago | forbes.com | Martin Shenkman

A very common family transaction is the transfer of funds to a child or other heir. How that ubiquitous matter is handled is key to the tax and legal consequences. A recent case held that the transfer was a loan, not a gift, which was a positive tax result for the taxpayer. Estate of Barbara Galli et al. v. Comr.., T.C., No. 7003-20. The Galli Court referred to a seminal loan characterization case in its analysis: Miller v. Commissioner, 71 T.C.M. (CCH) 1674 (1996).
Estate Planning Biggest Mistake

Mar 28, 2025 | forbes.com | Martin Shenkman

It’s Not Just About a Will, Trust or Other DocumentOne of the biggest mistakes people make with estate planning is to assume that estate planning means getting a document. Whether it is a will, a revocable trust, living trust, or any other document, a document without a plan is unlikely to protect you or your loved ones. Nor will likely accomplish your goals. Signing the best will or revocable trust, without more, just won’t cut the planning mustard.
Kid Won’t Sign A Prenuptial Agreement

Mar 28, 2025 | flipboard.com | Martin Shenkman

'AITA for not making my son give his stepsister rides to and from school?' UPDATED"AITA for not making my son give rides to his stepsister to/from school?"I (45M) share three kids with my ex (16M, 14M, & 11F). We divorced 10 years …
Kid Won’t Sign A Prenuptial Agreement

Mar 28, 2025 | forbes.com | Martin Shenkman

The “Talk”You had the “talk” with your young adult child about getting a prenuptial agreement. The divorce rate is often suggested to be 50%. You have wealth. Your child has accumulated some wealth already. But mostly, you hope to minimize the potential angst and antagonism that a potential divorce may bring. You child responded politely telling you either to keep your nose where it belongs, or, as is so common, “we don’t need one.” No one needs a prenuptial agreement until the divorce is imminent.
Reciprocal Trust Doctrine: Some Thoughts

Mar 18, 2025 | wealthmanagement.com | Martin Shenkman |Joy Matak

Martin M. Shenkman and Joy Matak discuss misconceptions about the reciprocal trust doctrine and different views surrounding it. While all practitioners are familiar with the reciprocal trust doctrine, some commonly discussed misconceptions about it and different views warrant consideration. Also, the uncertainty of the current planning environment might change the views on how to deflect the application of the doctrine.